8 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

9 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

10 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

11 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

12 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

13 (Bilaterale) Investitionsschutzabkommen (BITs) Welche ökonomische Bedeutung haben BITs? the host state deliberately renounces an element of its sovereignty in return for a certain new opportunity: the chance to better attract new foreign investments, which it would not have acquired in the absence of a treaty. (Dolzer and Schreuer 2012, Oxford UP)... economic function of BITs is to act as a commitment device for the host government. (Aisbett, Australian National University, 2009)... more countries signed them in order to gain legitimacy and acceptance without a full understanding of their costs and competencies. (Jandhyala et al. Wharton School, 2011) Wodurch erhalten BITs ihre ökonomische Bedeutung? "The extranational arbitration process derives most of its power from raising the reputation costs of refusing to compensate an investor." (Guzman, Berkely Law Faculty, 2005)

18 Marktöffnung Prinzipien des Verhandlungsmandats der EU The importance of regulatory action to achieve public policy objectives, including the... consumers and investors, at a level that each party considers appropriate. TTIP provisions shall not affect the ultimate sovereign right of either party to regulate in pursuit of its public policy objectives and shall not be used as a means of lowering the levels of protection provided by either party. The HLWG recommends that a comprehensive U.S.-EU trade agreement should include investment liberalization and protection provisions based on the highest levels of liberalization and highest standards of protection that both sides have negotiated to date. pre-establishment national treatment

19 Marktöffnung Prinzipien des Verhandlungsmandats der EU The importance of regulatory action to achieve public policy objectives, including the... consumers and investors, at a level that each party considers appropriate. TTIP provisions shall not affect the ultimate sovereign right of either party to regulate in pursuit of its public policy objectives and shall not be used as a means of lowering the levels of protection provided by either party. The HLWG recommends that a comprehensive U.S.-EU trade agreement should include investment liberalization and protection provisions based on the highest levels of liberalization and highest standards of protection that both sides have negotiated to date. pre-establishment national treatment

20 Marktöffnung Prinzipien des Verhandlungsmandats der EU The importance of regulatory action to achieve public policy objectives, including the... consumers and investors, at a level that each party considers appropriate. TTIP provisions shall not affect the ultimate sovereign right of either party to regulate in pursuit of its public policy objectives and shall not be used as a means of lowering the levels of protection provided by either party. The HLWG recommends that a comprehensive U.S.-EU trade agreement should include investment liberalization and protection provisions based on the highest levels of liberalization and highest standards of protection that both sides have negotiated to date. pre-establishment national treatment

21 Marktöffnung Prinzipien des Verhandlungsmandats der EU The importance of regulatory action to achieve public policy objectives, including the... consumers and investors, at a level that each party considers appropriate. TTIP provisions shall not affect the ultimate sovereign right of either party to regulate in pursuit of its public policy objectives and shall not be used as a means of lowering the levels of protection provided by either party. The HLWG recommends that a comprehensive U.S.-EU trade agreement should include investment liberalization and protection provisions based on the highest levels of liberalization and highest standards of protection that both sides have negotiated to date. pre-establishment national treatment

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